The new business premium of life insurance companies grew by 27.8 per cent to Rs 13,138.10 crore in January, compared with the year-ago month. The new business, or the first-year premium of life insurance companies, stood at Rs 10,283.89 crore in January 2016. State-owned LIC, the country’s largest life insurer, contributed Rs 8,724.59 crore or 66.4 per cent to the total premium generated during the month, showed data from Insurance Regulatory and Development Authority of India (Irdai). LIC’s new business premium stood at Rs 6,720.28 crore in January 2016.

Out of the total Rs 13,138.10 crore, other 23 private sector life insurance firms contributed Rs 4,413.50 crore as new premium income for the January month this year. They recorded a rise of 23.8 per cent in first year premium against Rs 3,563.60 crore in January 2016.

Among private sector life insurers, SBI Life’s new business rose by 62.7 per cent to Rs 1,094.54 crore in January 2017, as against Rs 672.07 crore a year ago.

ICICI Prudential Life new business was at Rs 775.41 crore, up 25.3 per cent; HDFC Standard Life Rs 733.58 crore, up 33.7 per cent and that of Max Life Rs 235.48 crore, an increase of 2.3 per cent.